Economic Perspectives with Hopeton Hay on KAZI 88.7 FM in Austin, TX

Average Receipts of Black Firms Far Behind All Firms

Posted by Hopeton on February 20, 2011

As reported in one of my previous posts, the number of Black-owned businesses is growing at a much faster rate than all businesses.  What wasn’t discussed was how far behind Black firms are in average receipts.  Average receipts for Black businesses was $72,000 according to data from the U.S. Census Bureau 2007 Survey of Business Owners compared to $490,000 for all businesses classifiable by race.

What especially concerns me is the lack of growth in the average receipts of Black-owned businesses since the last report on 2002.  Average receipts for Black firms was $74,000 in 2002.  What is scarier is this doesn’t even take inflation into account.  Factoring in inflation, average receipts for firms in 2002 in 2007 dollars was approximately $85,000.

So what should be done to increase average receipts for Black firms?  Please share your comments, thoughts, ideas..

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